Ardea Biosciences, Inc. (RDEA) is jumping 51 percent to $31.55 as AstraZeneca Plc (AZN, AZN.L) has agreed to acquire the company for $32 per share. Ardea's clinically most advanced product candidate, lesinurad, is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout.

Central European Distribution Corp. (CEDC) is gaining 12 percent to $4.79 based on the news that it has signed definitive agreements for a strategic alliance with Russian Standard Corp. Russian Standard has agreed to invest $100 million in CEDC by purchasing a combination of newly issued shares of common stock and exchangeable notes.

Amylin Pharmaceuticals, Inc. (AMLN) is rising 11 percent to $25.55 amidst reports that it hired advisers to seek a sale of the company.

Xerox (XRX) is up over 2 percent to $8.05. The company's first quarter profit declined from the previous year, while its adjusted earnings per share were in-line with Wall Street view. Total revenues rose 1 percent or 2 percent in constant currency, and were above consensus. The company reiterated its expectations for full-year 2012 earnings per share.

Decliners:

Wal-Mart Stores, Inc. (WMT) is falling over 4 percent to $59.84 amidst bribery allegations at its Mexico unit. The company confirmed that it is probing possible violations of the U.S. Foreign Corrupt Practices Act at its Mexican unit.

ConocoPhillips (COP) is down 2 percent to $71.24. The company's first quarter profit declined from the year-ago quarter and adjusted earnings per share were below analysts' expectation. Production for the quarter was 1.64 million BOE per day, 65,000 BOE per day lower compared with a year ago.

Hasbro Inc. (HAS) is falling more than 4 percent to $34.32 as the company slipped to a loss in its first quarter. Net revenues for the quarter declined 3 percent and were below consensus. The company said its expectation remains that a higher percentage of full year revenues will be in the second half of the year versus past years. For the full year 2012, the company said it continues to believe, absent the impact of foreign exchange, it will again grow revenues and earnings per share.

Pfizer Inc. (PFE) is falling 0.71 percent to $22.40. The company has entered into an agreement to divest its Nutrition business to Nestlé for $11.85 billion in cash. The company said it expects to allocate the after-tax proceeds to further share repurchases, or invest in other business- development opportunities.

Kellogg Co. (K) is declining over 6 percent to $50.55 as the company lowered its full-year 2012 financial guidance based on weaker-than-expected first quarter performance. The company said that the decline was driven by its European business, initial weak volume growth in certain U.S. categories and the desire to continue to invest in future growth.